Relates to applications for the approval and construction of energy-related projects of the New York Power Authority by the public authorities control board.
STATE OF NEW YORK
________________________________________________________________________
8226
IN SENATE
April 19, 2018
___________
Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and
when printed to be committed to the Committee on Corporations, Author-
ities and Commissions
AN ACT to amend the public authorities law, in relation to applications
for the approval and construction of energy-related projects
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivisions 1 and 3 of section 51 of the public authori-
2 ties law, subdivisions 1 and 3 as added by chapter 838 of the laws of
3 1983, paragraph k of subdivision 1 as added by chapter 506 of the laws
4 of 1995, paragraph l of subdivision 1 as added by chapter 468 of the
5 laws of 2004, paragraph m of subdivision 1 as added by section 10 of
6 part E of chapter 494 of the laws of 2009, and paragraph n of subdivi-
7 sion 1 as added by chapter 533 of the laws of 2010, are amended to read
8 as follows:
9 1. The New York state public authorities control board shall have the
10 power and it shall be its duty to receive applications for approval of
11 the financing and construction of any project proposed by any of the
12 following state public benefit corporations:
13 a. New York state environmental facilities corporation
14 b. New York state housing finance agency
15 c. New York state medical care facilities finance agency
16 d. Dormitory authority
17 e. New York state urban development corporation
18 f. Job development authority
19 g. Battery park city authority
20 h. New York state project finance agency
21 i. State of New York mortgage agency
22 j. New York state energy research and development authority
23 k. Long Island Power Authority
24 l. Albany Convention Center Authority
25 m. State of New York Municipal Bond Bank Agency for bonds issued
26 pursuant to section two thousand four hundred thirty-six-b of this chap-
27 ter
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09569-02-8
S. 8226 2
1 n. North Country Power Authority
2 o. Power Authority of the State of New York
3 Any application made concerning a project shall include the terms,
4 conditions and dates of the repayment of state appropriations authorized
5 by law pursuant to a repayment agreement. Any subsidiary of, or corpo-
6 ration with the same members or directors as, a public benefit corpo-
7 ration subject to the provisions of this section shall also be subject
8 to the provisions of this section. All applications and submissions to
9 the board required to be made by a subsidiary shall be made on behalf of
10 such subsidiary by the public benefit corporation which created the
11 subsidiary. No public benefit corporation subject to the provisions of
12 this section shall make any commitment, enter into any agreement or
13 incur any indebtedness for the purpose of acquiring, constructing, or
14 financing any project unless prior approval has been received from the
15 board by such public benefit corporation as provided herein.
16 3. The board may approve applications only upon its determination
17 that, with relation to any proposed project, there are commitments of
18 funds sufficient to finance the acquisition and construction of such
19 project. In determining the sufficiency of commitments of funds, the
20 board may consider commitments of funds, projections of fees or other
21 revenues and security, which may, in the discretion of the board,
22 include collateral security sufficient to retire a proposed indebtedness
23 or protect or indemnify against potential liabilities proposed to be
24 undertaken. In reviewing an application from the Long Island Power
25 Authority, the North Country Power Authority or the Power Authority of
26 the State of New York for the approval of any project related to energy
27 generation or transmission, in addition to determining the sufficiency
28 of commitments of funds and any other required reviews, the board may
29 consider the consistency of the project with the current state energy
30 plan and other state environmental and energy-related policies. A copy
31 of such determination shall be submitted to the chief executive officer
32 of the appropriate public benefit corporation and the state comptroller.
33 § 2. The public authorities law is amended by adding a new section
34 1005-e to read as follows:
35 § 1005-e. Approval of certain actions by the public authorities
36 control board. The authority shall not make any commitment, enter into
37 any agreement nor incur any indebtedness unless prior approval has been
38 received from the New York state public authorities control board pursu-
39 ant to article one-A of this chapter.
40 § 3. This act shall take effect immediately.
